The sting into the Bitcoin wasp nest: Raoul Pal does not find KYC at all so badly

Raoul Pal is actually a Bitcoin bull.

With theses on necessary crypto-regulation he now brings privacy-oriented Bitcoiners against himself on Twitter. The opinion Echo.

For once, he has not made any friends. Raoul Pal is actually known for his support from the traditional financial sector. The former hedge fund manager and CEO of the financial medium Real Vision is considered a confirmed Bitcoin cop and brings the value proposition closer to a less crypto-affine audience in weekly updates.

Recently, Pal even founded his own division, Real Vision Crypto, which is dedicated solely to the good and bad of BTC and Co. However, the entrepreneur caused a sensation with a tweet that the Bitcoin community did not like very much.

If you think that secrecy from governments and no KYC is bitcoins future then you don’t understand what adoption looks like. They will regulate it. You will declare it. You will have to do KYC and that is fine. It doesn’t take away its store of value but just integrates it.
– Raoul Pal (@RaoulGMI) November 26, 2020

If you believe that secrecy from governments and not KYC is the future of Bitcoins, then you do not understand what the distribution looks like. Bitcoin will be regulated. You will have to do KYC, and that is fine. That does not take away Bitcoin’s value proposition, it only reinforces it.
Raoul Pal via Twitter.

KYC (know your customer) is an unpopular term in Bitcoin circles. It is the practice of assigning exchange accounts to a clear name that provides information about the crypto activities of the respective person in case of doubt. This is common practice when opening bank accounts in the traditional financial sector.

But Bitcoin wants to be an alternative to the traditional financial sector – from the community’s perspective, KYC infiltrates Bitcoin’s censorship resistance and thus a fundamental feature that makes Bitcoin what it is. The resistance on Twitter was correspondingly strong.

Privacy is not a crime. KYC is not „all right“.

Jameson Lopp. Translation of the tweet.

Outrage was expressed above all at the fact that Pal, himself based in the tax haven of the Cayman Islands, stands for the arrogance of the traditional financial sector from the perspective of the Bitcoin community. Of course, those who live in democratic constitutional states need not fear persecution by the state at first if he or she uses Bitcoin. But not all Bitcoiners have this luxury.

Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, also pointed out the necessity of private money and encryption techniques.

Okay, so what about encrypted communications? People said this in the early 90s. There must be back doors! Guess what? The Cypherpunks won. Now we can all use Signal. Please don’t be on the wrong side of this fight. Bitcoin is about privacy and freedom not institutional adoption.

Please do not stand on the wrong side in this fight. Bitcoin is about privacy and freedom, not institutional adoption.
Alex Gladstein, translation of the tweet.

Despite correction: Bullisher Bitcoin course intact

However, both parties are likely to agree on one thing: Bitcoin is showing its bullish side these days. Because even in the Dip, thus the temporary abort of the bull run, the Community of the Kryptowährung holds the pole – and uses the slide on under 17.000 US Dollar for new investments. Trader Bob Loukas shows that price corrections over 10-20 percent are not unusual even in bull markets.

Quick, before my wife see’s me posting.

Most have a short memory. Remember in Jan 2017 just shy of #Bitcoin ATH’s, boom 34% decline. The 2 months later a sharp rally, new ATH’s, and double boom 34% decline.

According to the report, BTC corrected by 34 percent before and after the breakthrough of the previous all-time high. In the course of the subsequent bull market, the crypto currency nevertheless reached the all-time high of USD 19,600 that is still valid today. So: no reason to panic.